Core Viewpoint - Yibin Paper Industry (600793.SH) faced regulatory penalties due to information disclosure issues during its acquisition of Sichuan Push Acetate Fiber Co., Ltd, highlighting compliance management deficiencies within the company [2][4][6]. Group 1: Acquisition and Financial Performance - In December 2024, Yibin Paper completed the acquisition of 67% of Push Acetate for 206 million yuan, expanding its product offerings to include acetate fiber [2][5]. - Following the acquisition, Yibin Paper's acetate fiber product sales and revenue increased, with a projected net profit of 18.65 million to 22.8 million yuan for the first half of 2025, marking a turnaround from previous losses [2][8]. - In 2024, the acetate fiber segment generated 816 million yuan in revenue, accounting for 36.46% of total revenue, with production and sales volumes increasing year-on-year [5][8]. Group 2: Regulatory Issues - The company received a warning letter from the Sichuan Securities Regulatory Bureau for failing to disclose 191 million yuan in funds that were not timely transferred back to Push Acetate's account during the acquisition process [4][6]. - Key executives, including the chairman and general manager, were held responsible for the disclosure failures, and the company was required to conduct a comprehensive self-examination and submit a rectification report [4][6]. Group 3: Historical Financial Challenges - Yibin Paper experienced consecutive years of losses in its core paper business, with a net loss of 128 million yuan in 2024 and a decline in revenue by 8.34% [6][7]. - The company faced challenges such as rising raw material costs and increased competition in the food paper market, leading to a significant drop in paper product sales and revenue [7][8]. Group 4: Future Outlook - The company anticipates improved profitability in 2025, driven by business structure optimization, cost control measures, and growth in acetate fiber sales [8]. - Despite the positive outlook, significant shareholders have begun to reduce their stakes, indicating potential concerns about the company's long-term performance [8].

Report Information - Report Date: July 21, 2025 [1] - Report Title: Pulp Weekly Report - Company: Zhongtai Futures Co., Ltd. - Analyst: Gao Ping [7][9][12] 1. Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The pulp market is currently in a complex situation with a game between policy sentiment and weak fundamentals. The policy sentiment is upward, but the actual market situation is weak. The price is expected to fluctuate within the range of 5600 - 4800, but the policy orientation may cause the bottom to gradually shift upwards. It is recommended to hold spot and adopt strategies such as selling call options or accumulating put options to increase income when the price is high [12][16]. 3. Summary by Directory Part 1 Pulp Overview - **Supply - end**: Domestic chemical mechanical pulp production increased significantly in the cycle due to the commissioning of new production capacity, and most of it is used by the supporting paper machines of major pulp mills. In June 2025, China's pulp import volume was 3.031 million tons, a month - on - month increase of 0.5% and a year - on - year increase of 16.3%. The cumulative import volume for the year was 18.578 million tons, a cumulative year - on - year increase of 4.2%. Affected by overseas shipping and domestic import seasonality, the expected arrivals in July and August are relatively stable, but the expected arrival of softwood pulp is still weak [8]. - **Demand and Inventory - end**: Downstream production is stable during the off - season, with new production capacity being put into operation, but terminal demand is limited, resulting in stable production but gradually decreasing operating rates and inventory tending to accumulate. Port inventory has resumed accumulation, suppressing market confidence. Warehouse receipt inventory has decreased as some paper mills are interested in purchasing cheap Russian softwood pulp, causing some warehouse receipts to be cancelled and flow to downstream factories, and some to be converted into general warehouse spot goods. New warehouse receipt registrations are insufficient, and the pressure on old warehouse receipts is acceptable. Downstream finished product inventory is in a state of shock and accumulation [9]. - **Cost and Profit**: Domestic pulp prices have rebounded, and the market acceptance is acceptable under relatively low prices due to the anti - involution policy. The spot price of imported pulp has increased, and the immediate import profit has rebounded. As the off - season approaches, the prices of finished products have gradually decreased, and the profit has also shown signs of weakening. Currently, the domestic raw material spot price provides support, and the profit of finished products has rebounded [14]. - **Strategy Recommendation**: The macro - level meeting has improved the sentiment in the commodity market, but the spot market is stable with weak trading volume. There is a game between the weak reality and the market sentiment, and the market is significantly affected by sentiment. The 09 contract is expected to fluctuate upwards, but the increase is limited. Currently, the fundamentals have not improved significantly. It is necessary to observe whether the port inventory reduction continues and whether the spot trading volume improves. It is recommended to hold spot and adopt strategies such as selling call options or accumulating put options to increase income when the price is high [16]. Part 2 Pulp Balance Sheet - The report provides a monthly balance sheet of pulp from January 2024 to August 2025, including downstream production, imports, domestic production, total supply, pulp consumption, demand, and inventory data, as well as their cumulative and year - on - year changes [18]. Part 3 Pulp Supply and Demand Analysis - **Global Pulp Supply and Demand Analysis**: - **Supply - Global Pulp Shipment Volume**: Not detailed in the provided content. - **Demand and Inventory - European Apparent Demand and Inventory**: Not detailed in the provided content. - **Domestic Pulp Supply and Demand Analysis**: - **Supply - end**: - **Pulp Import**: The import volume of different types of pulp (softwood pulp, hardwood pulp, chemical mechanical pulp, etc.) and wood chips (softwood chips, hardwood chips) is analyzed, including monthly data, cumulative data, and year - on - year changes from 2022 to 2025 [42][47][73][80]. - **Pulp Import Seasonality and Cumulative Data by Country**: Analyzes the import seasonality and cumulative import volume and year - on - year changes of softwood pulp from different countries (Russia, the United States, Finland, Canada, Chile) [50][60]. - **Demand - end**: - **Pulp Apparent Demand**: Not detailed in the provided content. - **Analysis of Pulp's Downstream Finished Paper**: Analyzes the production, import, export, and apparent demand of different types of finished paper (toilet paper, offset paper, coated paper, white cardboard), as well as the planned construction and commissioning of new production capacity [91][100][118]. - **Inventory - end**: Analyzes the total pulp inventory, warehouse receipt inventory, port inventory, and inventory by port, including weekly data from 2022 to 2025 [144][148]. Part 4 Cost and Profit - **Pulp Import Cost and Profit**: Not detailed in the provided content. - **Domestic Pulp Production Cost and Profit**: Not detailed in the provided content. Part 5 Pulp Price and Spread Analysis - **Pulp Outer - market Quotation**: Analyzes the outer - market quotations of different pulp varieties (Silver Star, Russian softwood pulp, Goldfish, etc.), including price changes and expected trends [12]. - **Seasonal Price and Spread of Different Pulp Varieties**: Analyzes the seasonal price changes of different pulp varieties (Silver Star, Russian softwood pulp, Goldfish, Asia - Pacific Senbo, etc.) and the seasonal spread between them, as well as the basis between pulp varieties and futures contracts [170][175][177].

森林包装(605500)今日跌停，全天换手率13.71%，成交额7.01亿元，振幅6.33%。龙虎榜数据显示，营 业部席位合计净买入1148.29万元。 上交所公开信息显示，当日该股因日跌幅偏离值达-10.70%上榜，营业部席位合计净买入1148.29万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交1.15亿元，其中，买入成交额为6299.79 万元，卖出成交额为5151.49万元，合计净买入1148.29万元。 森林包装7月21日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 国信证券股份有限公司浙江互联网分公司 | 2204.66 | | | 买二 | 东方财富证券股份有限公司拉萨金融城南环路证券营业 部 | 1409.83 | | | 买三 | 东方财富证券股份有限公司拉萨团结路第一证券营业部 | 1062.43 | | | 买四 | 东方财富证券股份有限公司拉萨东环路第二证券营业部 | 888.90 | | | 买五 | 东方财富证券股份有限公司拉萨 ...

Core Viewpoint - The company, Shanying International, is focused on reducing its debt ratio to below 60% by 2025, while also enhancing investment returns and maintaining stable cash flow management [2][3]. Group 1: Financial Performance - As of July 18, 2025, Shanying International's stock closed at 1.87 yuan, down 0.53%, with a turnover rate of 1.36%, a trading volume of 743,300 shares, and a transaction value of 139 million yuan [1]. - On the same day, the net outflow of main funds was 23.746 million yuan, accounting for 17.07% of the total transaction value [4][5]. Group 2: Debt Management - The company aims to lower its comprehensive debt ratio to below 60% as a key priority starting from 2025, with ongoing efforts to enhance risk resistance [2]. - The company is committed to implementing measures to reduce debt and improve project investment returns [2]. Group 3: Corporate Actions - The company is in the process of selling a subsidiary and bringing in state-owned capital, with updates to be disclosed according to regulatory requirements [3]. - There are inquiries regarding potential acquisitions of the major shareholder's household paper and pulp businesses, but the company has stated that relevant information will be disclosed through official channels [2][3].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The pulp market shows a weak divergence between futures and spot prices this week, and the futures market may fluctuate with a slight upward bias. Although the futures price remains relatively high due to macro - policy expectations, the spot price has insufficient upward momentum due to the deadlock in fundamentals, and the abnormal futures - spot price difference is likely to continue. It is expected that the short - term futures market may follow the overall commodity market sentiment, but the fundamentals may limit its rebound range. The futures market valuation is slightly high, being greatly affected by funds and sentiment. The recommended strategies are to take a slightly bullish view on the unilateral market, wait and see for the inter - period spread, and there is no recommendation for the inter - variety spread [78]. 3. Summary According to the Catalog 3.1 Industry News - As of July 17, 2025, the pulp inventory in Changshu Port was 60.8 tons, up 0.3 tons from the previous period, a 0.5% increase. Qingdao Port's inventory was 134.9 tons, down 1.5 tons from last week, a 1.1% decrease. Gaolan Port's inventory was 8.9 tons, down 0.9 tons from last week, a 9.2% decrease. The total inventory of mainstream ports was 218.1 tons, up 0.2 tons from the previous period, a 0.1% increase, showing a slight inventory build - up [6]. - In June 2025, China's pulp import volume was 3.031 million tons, a 0.5% month - on - month increase and a 16.3% year - on - year increase. The cumulative import volume for the year was 18.578 million tons, a 4.2% year - on - year increase [6]. - On July 11, 2025, the second - phase chemi - thermomechanical pulp project's No. 2 line of Liansheng Pulp and Paper (Zhangzhou) Co., Ltd. was successfully put into operation, strengthening the company's raw material self - supply ability [6]. 3.2 Market Data 3.2.1 Market Trends - On July 18, 2025, the basis of Silver Star was 628 yuan/ton, down 8.45% from the previous period and up 115.07% year - on - year; the basis of Russian Needle was 8 yuan/ton, down 87.88% from the previous period and up 107.41% year - on - year; the price difference between Silver Star and Russian Needle was 620 yuan/ton, unchanged from the previous period and up 55.00% year - on - year [13]. - On July 18, 2025, the 09 - 11 spread was not provided, and the 11 - 01 spread was 32 yuan/ton, up 33.33% from the previous period; the 11 - 01 spread was - 182 yuan/ton, up 6.19% from the previous period [19]. 3.3 Fundamental Data 3.3.1 Price - The price difference between softwood and hardwood pulp narrowed. On July 18, 2025, the price difference between Silver Star and Goldfish was 1820 yuan/ton, down 4.21% from the previous period and up 102.22% year - on - year; the price difference between Russian Needle and Goldfish was 1200 yuan/ton, down 6.25% from the previous period and up 140.00% year - on - year [26]. - The import profit of Silver Star decreased slightly. On July 18, 2025, the import profit of Silver Star was 22 yuan/ton, down 7.55% from the previous period and up 103.61% year - on - year; the import profit of Star was - 1964 yuan/ton, up 80.03% from the previous period and up 97.91% year - on - year [33][34]. - The futures price of pulp showed a slightly stronger trend, and the quotes of some softwood pulp grades adjusted slightly with the market. However, downstream paper mills still faced shipment pressure and had limited acceptance of high - priced raw materials, restricting the upward momentum of the spot price of imported softwood pulp [39]. - Traders were reluctant to sell at low prices, and the spot price of imported hardwood pulp increased slightly. However, downstream paper mills' inquiry intention decreased, the market transaction slowed down, and the upward space of the price was limited [41]. - On July 18, 2025, the price of Venus was 5000 yuan/ton, unchanged from the previous period and down 6.54% year - on - year; the price of Kunhe was 3700 yuan/ton, unchanged from the previous period and up 1.37% year - on - year [46]. 3.3.2 Supply - In May 2025, the pulp inventory in European ports increased both month - on - month and year - on - year, and the global pulp shipment volume increased month - on - month [49]. - In May 2025, the month - on - month performance of pulp import volume was divergent. The import volume of softwood pulp decreased by 4.75% month - on - month, while that of hardwood pulp increased by 7.84% month - on - month [52]. 3.3.3 Demand - The capacity utilization rate of finished paper showed different trends. On July 18, 2025, the capacity utilization rate of white cardboard was 76.10%, up 3.66% from the previous period and down 1.30% year - on - year; that of household paper was 63.10%, down 0.16% from the previous period and up 6.66% year - on - year; that of offset paper was 56.17%, down 1.04% from the previous period and down 9.90% year - on - year; that of coated paper was 57.59%, up 0.52% from the previous period and down 5.90% year - on - year [56]. - The price of white cardboard decreased steadily, and downstream demand was weak. The price of household paper continued to decline weakly, with no improvement in terminal demand. The price of coated paper decreased slightly, and the supply was abundant but the social demand was weak. The price of offset paper remained stable, with balanced production and sales to some extent but weak social orders [59][62][64]. - As the pulp price rebounded, the profit of finished paper continued to decline. On July 18, 2025, the profit of white cardboard was 515 yuan/ton, down 3.01% from the previous period and up 14.44% year - on - year; that of household paper was 174.60 yuan/ton, down 14.12% from the previous period and down 5.99% year - on - year; that of offset paper was 63.66 yuan/ton, down 41.31% from the previous period and up 189.36% year - on - year; that of coated paper was 794 yuan/ton, down 4.68% from the previous period and up 38.21% year - on - year [65][67]. 3.3.4 Inventory - As of July 18, 2025, the warehouse receipt quantity of pulp in warehouses was 23.67 tons, up 3.28% from the previous period and down 49.70% year - on - year; the warehouse receipt quantity in factories was 1.93 tons, unchanged from the previous period and down 39.94% year - on - year [69]. - The port inventory was at a high level for the year, showing a slight inventory build - up this period. Qingdao Port's inventory decreased slightly, Changshu Port's inventory increased slightly, and the inventory of other ports remained stable [74].

Report Summary 1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - No clear core view presented in the given content. 3. Summary by Relevant Catalog a. SP Main Contract Information - The closing price of the SP main contract on July 17, 2025, was 5264.00 [4]. - The price showed a 0.41969% increase compared to the previous day [4]. - The discount to US dollars was 640.21 on July 17, 2025 [4]. - The basis for Shandong Yinxing was 671, and for Jiangsu, Zhejiang, and Shanghai Yinxing was 726 on July 17, 2025 [4]. b. Pulp Price and Profit Information - With a 13% VAT calculation, for Canadian pulp, the CFR price of Golden Lion was 780 US dollars, with an import profit of 51.55 yuan in Shandong; the CFR price of Lion was 730 US dollars, with an import loss of -342.78 yuan [5]. - For Chilean Silver Star pulp with a 90 - day CFR letter of credit, the port US - dollar price was 720, and the import profit in Shandong was 23.35 yuan [5]. c. Pulp and Paper Price Averages - From July 11 to July 17, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged [5]. - The average prices in Shandong for these pulp types also remained unchanged during the same period [5]. - For cultural paper, packaging paper, and most of the indicators of living paper, there were no changes from July 14 to July 17, 2025, except for the living paper index which decreased by 2 [5]. d. Pulp Price Spreads - The spread between softwood and hardwood pulp was 1870.00 on July 17, 2025 [5]. - The spread between softwood and natural pulp was 535 on July 17, 2025 [5]. - The spread between softwood and chemimechanical pulp was 2170 on July 17, 2025 [5]. - The spread between softwood pulp and waste paper was 4359 on July 17, 2025 [5].

以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | --- | | 加拿大 | 金狮 | CFR | 780 | 6450 | 51.55 | | | 雄狮 | CFR | 730 | 5650 | -317.78 | | 智利 | 银星 | CFR信用证 90天 | 720 | 5935 | 23.35 | 纸浆早报 研究中心能化团队 2025/07/17 SP主力合约收盘价： 5242.00 | 日期 | 2025/07/16 | 2025/07/15 | 2025/07/14 | 2025/07/11 | 2025/07/10 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5242.00 | 5262.00 | 5244.00 | 5234.00 | 5196.00 | | 折美元价 | 637.68 | 640.52 | 638.66 | 637.28 | 632.01 | | 距上一日涨跌 | -0.38008% | ...

Core Viewpoint - The stock of Senlin Packaging has experienced significant volatility, achieving 8 limit-ups in 10 trading days, with a cumulative increase of 79.44% and a turnover rate of 92.35% [1] Trading Performance - As of 9:36 AM, the stock recorded a trading volume of 17.81 million shares and a transaction value of 233 million yuan, with a turnover rate of 4.30% [1] - The total market capitalization of the stock reached 5.57 billion yuan [1] Financial Performance - The company reported a total operating revenue of 450 million yuan for Q1, representing a year-on-year decline of 7.55% [1] - The net profit for the same period was 34 million yuan, down 5.92% year-on-year [1] Market Activity - The stock has appeared on the Dragon and Tiger list 6 times due to significant price deviations, with a cumulative deviation of 20% in price increase and 7% in price decrease over three consecutive trading days [1] - The net selling by leading brokerage firms amounted to 43.64 million yuan [1] Recent Trading Data - The stock's daily performance over the past trading days shows fluctuations, with notable increases and decreases in both price and turnover rates [1]

Group 1 - The company expects to achieve a net profit attributable to shareholders of the parent company between 130 million and 156 million yuan for the first half of 2025, marking a turnaround from a loss in the same period last year [1][2] - The forecasted net profit after deducting non-recurring gains and losses is estimated to be between 113 million and 139 million yuan [2] - In the same period last year, the company reported a net loss attributable to shareholders of the parent company of 48.62 million yuan [3][4] Group 2 - The primary reason for the expected profit is the change in the scope of consolidation due to the acquisition of 100% equity in Hunan JunTai Biotechnology New Materials Technology Co., which was completed in December 2024 [5] - The absence of asset impairment provisions related to forest assets, which were recorded in the previous year due to adverse weather conditions, also contributes to the expected profit [6]

Group 1 - The stock of Forest Packaging (605500) reached the daily limit, with a turnover rate of 15.89% and a transaction amount of 802 million yuan, showing a fluctuation of 18.92% [2] - The stock was listed on the trading board due to its daily fluctuation value reaching 18.92%, with a net buying amount of 5.0002 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction of 97.9295 million yuan, with a buying amount of 51.4649 million yuan and a selling amount of 46.4646 million yuan, resulting in a net buying of 5.0002 million yuan [2] Group 2 - In the past six months, the stock has been listed on the trading board six times, with an average price increase of 6.09% the next day and an average increase of 18.91% over the following five days [3] - The stock experienced a net inflow of 111 million yuan in main funds today, with a large single net inflow of 90.0045 million yuan and a big single net inflow of 20.87 million yuan, while the main funds had a net outflow of 75.1679 million yuan over the past five days [3] - The company's Q1 report showed a revenue of 450 million yuan, a year-on-year decrease of 7.55%, and a net profit of 33.8822 million yuan, a year-on-year decrease of 5.92% [3] Group 3 - The company issued a half-year performance forecast on July 8, expecting a net profit between 22 million yuan and 33 million yuan, with a year-on-year change range of -72.42% to -58.64% [3] - The top buying brokerage seat was Guosheng Securities with a buying amount of 13.2269 million yuan, while the top selling brokerage seat was Guoxin Securities with a selling amount of 9.9688 million yuan [4]